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                                                                      EXHIBIT 14

                            MAVERICK TUBE CORPORATION
                              AND ITS SUBSIDIARIES

                       CODE OF BUSINESS CONDUCT AND ETHICS

         This Code of Business Conduct and Ethics (this "Code") provides a
general statement of Maverick Tube Corporation's (the "Company") expectations
regarding the ethical standards that each director, officer and employee should
adhere to while acting on behalf of the Company. It contains compliance
standards and procedures to facilitate its effectiveness and to ensure a prompt
and consistent response to violations. Each director, officer, and employee is
expected to read and become familiar with the ethical standards described in
this Code. It is not intended to and does not in any way constitute an
employment contract or assurance of continued employment, and does not create
any rights in any director, employee, client, supplier, competitor, stockholder
or any other person or entity.

         The highest business and ethical standards mandate accountability for
adherence to this Code. Accordingly, any conduct or action that violates this
Code will be subject to disciplinary action, which may include immediate
termination. If you are in a situation you believe may violate or lead to a
violation of this Code, or are aware of any such violation or situation by any
officer, director or employee of the Company, you should follow the procedures
described in paragraph 13 of this Code. It is the obligation of the Chief
Executive Officer of the Company to distribute or cause the distribution of a
copy of this Code to each employee of the Company.

1.       Administration

         The Company's Nominating/Corporate Governance Committee, referred to in
this Code as the Governing Body, is responsible for setting the standards of
business conduct contained in this Code and updating these standards as it deems
appropriate to reflect changes in the legal and regulatory framework applicable
to the Company, the business practices within the Company's industry, the
Company's own business practices, and the prevailing ethical standards of the
communities in which the Company operates. While the Company's General Counsel,
referred to in this Code as the Compliance Officer, will oversee the procedures
designed to implement this Code to ensure that they are operating effectively,
it is the individual responsibility of each director, officer and employee of
the Company to comply with this Code.

2.       Conflicts of Interest

         All directors, officers and employees of the Company should be diligent
in avoiding a conflict of interest with regard to the Company's interests. A
conflict of interest exists when there is a conflict (or even an appearance of
conflict) between an individual's personal interests, financial or otherwise, or
professional interests, and his or

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her fiduciary obligations to the Company. A conflict situation can arise when a
director, officer or employee takes actions or has interests that may make it
difficult to perform his or her work objectively and effectively. Conflicts of
interest may also arise when a director, officer or employee, or a member of his
or her family, receives improper personal benefits as a result of his or her
position in the Company, whether received from the Company or a third party.
Federal law prohibits loans by the Company to its directors and executive
officers. It is almost always a conflict of interest for a Company employee to
work simultaneously for a competitor, customer, or supplier. In addition, you
are not allowed to work for a competitor as a consultant or board member. The
best policy is to avoid any direct or indirect business connection with our
customers, suppliers, or competitors, except on behalf of the Company.

         Conflicts of interest are prohibited as a matter of Company policy,
except under guidelines approved by the Governing Body. Where there is an actual
or potential conflict of interest or perception of a conflict of interest, the
director, officer or employee must make full disclosure and must not participate
in the matter-giving rise to the conflict in accordance with the procedures
established by the Board. Such person may, in accordance with such procedures,
refrain or be asked to refrain from participating and/or making decisions
concerning any business that is related to the matter in which there is a
conflict of interest.

         Conflicts of interest may not always be clear-cut, so if you have a
question, you should consult with higher levels of management or the Compliance
Officer. Any director, officer or employee who becomes aware of a conflict of
interest or potential conflict of interest should bring it to the attention of a
supervisor, manager or other appropriate personnel or consult the procedures
developed in this Code. Directors, officers and employees who knowingly fail to
disclose conflicts of interest are subject to disciplinary action, including
dismissal or removal from office.

3.       Corporate Opportunities

         No director, officer or employee may: (a) take for himself or herself
personally opportunities that are discovered through the use of Company
property, information or position; (b) use Company property, information or
position for personal gain; or (c) compete with the Company. Directors, officers
and employees owe a duty of loyalty to the Company, and must be committed to
advance its legitimate interests when the opportunity to do so arises.

4.       Confidentiality (Protecting Company Information)

         All directors, officers and employees must maintain the confidentiality
of confidential information entrusted to them by the Company, its business
partners, suppliers, customers or others related to the Company's business.
Confidential information includes all non-public information that might be of
use to competitors or harmful to the Company, or its customers, if disclosed.
Typical of such information are business, research, and new product plans;
objectives and strategies; trade secrets; unpublished financial or pricing
information; processes and formulas; computer programs; salary and benefits
data; employee medical information; employee, customer,

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and supplier lists. Disclosure of confidential information violates Company
policy and could result in disciplinary action, except when authorized by the
Compliance Officer as required by laws, regulations or legal proceedings. If any
director, officer or employee believes they have a legal obligation to disclose
confidential information, they should consult the Company's Compliance Officer.

         Any Company information created in the course of employment belongs to
the Company. Employees leaving the Company must return all written proprietary
information in their possession. An employee's obligation to protect the
Company's proprietary and confidential information continues even after he or
she leaves the Company.

5.       Protection and Proper Use of Company Assets

         Safeguarding Company assets is the responsibility of all directors,
officers and employees. All directors, officers and employees should protect the
Company's assets and ensure their efficient use. Theft, carelessness, and waste
have a direct impact on the Company's profitability. Any suspected incident of
fraud or theft should be immediately reported for investigation to the
Compliance Officer. All Company assets should be used for legitimate business
purposes. The personal use of Company assets without permission is prohibited.

6.       Fair Dealing

         The Company considers its reputation for integrity and fairness one of
its most valuable assets. Each director, officer and employee shall endeavor to
deal fairly and in good faith with the Company's customers, stockholders,
employees, suppliers, regulators, business partners, competitors and others. We
seek to outperform our competition fairly and honestly. We seek competitive
advantages through superior performance, never through unethical or illegal
business practices. No director, officer or employee shall take unfair advantage
of anyone through manipulation, concealment, abuse of privileged or confidential
information, misrepresentation, fraudulent behavior, possessing trade secret
information that was obtained without the owner's consent or through any other
unfair dealing practice. No actions shall be taken by any Company director,
officer or employee, which could undermine proper relationships or tarnish the
Company's reputation or integrity.

         The purpose of business entertainment and gifts in a commercial setting
is to create goodwill and sound working relationships, not to gain an unfair
advantage with customers. No gift or entertainment should be offered, given,
provided or accepted by any Company employee or family member of an employee
unless it: (1) is not a cash gift; (2) is consistent with customary business
practices; (3) is not excessive in value; (4) cannot be construed as a bribe and
is not reasonably calculated to influence any decision; and (5) does not violate
any laws or regulations. Please discuss with your supervisor any gifts or
proposed gifts, which you are not certain are appropriate.

     The U.S. Foreign Corrupt Practices Act prohibits giving anything of value
directly or indirectly to officials of foreign governments or foreign political
candidates in order to

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obtain or retain business. In addition, the promise, offer or delivery to an
official or employee of the U.S. Government of a gift, favor or other gratuity
in violation of these rules would not only violate Company policy but could also
be a criminal offense. State and local governments, as well as foreign
governments, may have similar rules. Company Compliance Officer can provide
guidance to you in this area.

7.       Compliance With Laws, Rules, Regulations

         The Company expects all directors, officers and employees of the
Company to comply in all respects with the laws and regulations that apply to
its business at all government levels. In addition, the Company requires that
its directors, officers and employees comply with work-place policies and
applicable laws and regulations. Although not all employees are expected to know
details of all laws, it is important to determine when to seek advice from
supervisors.

         This Code does not summarize all laws, rules and regulations applicable
to the Company and its directors, officers and employees. Please consult the
Company Compliance Officer and the various guidelines, which the Company has
prepared on specific laws, rules and regulations.

8.       Accurate and Timely Periodic Reports

         The Company is committed to providing investors with full, fair,
accurate, timely and understandable disclosure in the periodic reports that it
is required to file with, or submit to, the Securities Exchange Commission (the
"SEC") and in other public communications made by the Company as a public
company. To this end, the Company shall:

-        Comply with generally accepted accounting principles at all times;

-        Maintain a system of internal accounting controls that will provide
         reasonable assurances to management that all transactions are properly
         recorded;

-        Maintains books and records that accurately reflect and fairly reflect
         the Company's transactions;

-        Prohibit the establishment of any undisclosed or unrecorded funds or
         assets;

-        Maintain a system of internal controls that will provide reasonable
         assurances to management that material information about the Company is
         made known to management, particularly during the periods in which the
         Company's periodic reports are being prepared; and

-        Present information in a clear and orderly manner and avoid the use of
         legal and financial jargon in the Company's periodic reports.

The Company considers this disclosure obligation to be of critical importance.
Depending on his or her position with the Company, a director, officer or
employee may be asked to provide necessary information to assure that the
Company's public reports are complete, fair and understandable. The Company
takes its public reporting very seriously and expects its directors, officers
and employees to provide prompt answers to inquiries related to public
disclosure requirements.

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9.       Accounting Complaints

         The Company's policy is to comply with all applicable financial
reporting and accounting regulations applicable to the Company. If any director,
officer or employee of the Company has concerns or complaints regarding
questionable accounting or auditing matters of the Company, then he or she is
encouraged to submit those concerns or complaints (anonymously, confidentially
or otherwise) to the Audit Committee of the Board of Directors (which will,
subject to its duties arising under applicable law, regulations and legal
proceedings, treat such submissions confidentially). Such submissions may be
directed to the attention of the Audit Committee, or any director who is a
member of the Audit Committee, at the principal executive offices of the Company
in care of the Compliance Officer.

The Audit Committee currently consists of the following three persons:

                  David Kennedy (Chairman)
                  C. Robert Bunch
                  Wayne Mang

10.      Insider Trading

         Directors, officers and employees who have access to confidential
information are not permitted to use or share that information for stock trading
purposes or any other purpose except in the conduct of our business and in
strict compliance with all applicable laws and SEC regulations. All non-public
information about the Company should be considered confidential information. To
use non-public information for personal financial benefit or to "tip" others who
might make an investment decision on the basis of this information is not only
unethical but also illegal. No director, officer, or employee of the Company may
buy or sell securities of the Company when in possession of "material non-public
information." Directors, officers and employees are required to comply with the
Company's Insider Trading Policy, copies of which are distributed to all
directors, officers and employees and are available from the Compliance Officer.
Contact the Compliance Officer if you have any questions about your ability to
buy or sell securities.

11.      Records Retention

         Directors, officers and employees are expected to become familiar with
the Company's policies on record retention. All of the Company's books, records,
accounts and financial statements must be maintained in reasonable detail to
appropriately reflect the Company's transactions and must conform both to
applicable legal requirements and to the Company's system of internal controls.
Unrecorded or "off the books" funds or assets, (i.e. "off the balance sheet"
transactions,) should not be maintained unless permitted by applicable law or
regulation.

         The Company requires honest and accurate recording and reporting of
information in order to make responsible business decisions. For example, only
true and actual numbers of hours worked should be reported. Many employees
regularly use business expense accounts, which must be documented and recorded
accurately. If you

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are not sure whether a certain expense is legitimate, ask your supervisor or the
Compliance Officer.

         Records should always be retained or destroyed according to the
Company's record retention policies. In the event of litigation or governmental
investigation, please consult the Compliance Officer.

12.      Reporting of Illegal or Unethical Behavior

         The Company's business and reputation depends, in large measure, on
strict adherence to the provisions of this Code. Every director, officer and
employee is encouraged and obligated to report any known or suspected Code
violations to supervisors, managers or other appropriate counsel, and when in
doubt about the best course of action in a particular situation, please refer to
the Company's Compliance Procedures described in paragraph 13 below.

         The Company will investigate any matter so reported and may take
appropriate disciplinary and corrective action, up to and including termination.
The Company forbids retaliation of any kind against employees who report
violations of this Code or other illegal or unethical conduct.

13.      Compliance Procedures

         Directors, officers and employees, who are concerned that violations of
this Code or that other illegal or unethical conduct by directors, officers or
employees of the Company have occurred or may occur, should contact their
supervisor. If for any reason, anyone is unable to approach their supervisor
about their concerns or complaints, then they may contact either the Compliance
Officer or any member of the Governing Body. If their concerns or complaints
require confidentiality, including keeping their identity anonymous, then this
confidentiality will be protected, subject to applicable law, regulation or
legal proceeding.

14.      Waivers

         The provisions of this Code may be waived for directors or executive
officers only by a resolution of the Company's Governing Body. The provisions of
this Code may be waived for employees who are not directors or executive
officers by the Compliance Officer. Any waiver of this Code granted to a
director or executive officer will be publicly disclosed as required by the SEC
or securities exchange or association on which the Company's securities are
listed for trading.

15.      Political Contribution

         Directors, officers and employees are free to contribute to candidates
or otherwise partake in the political process in their individual capacity. All
employees must avoid discussing with decision-makers any matters pending before
courts or agencies affecting the Company unless the employee is part of the
Company's legal counsel or authorized by the Company to do so.

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         The Company is committed to maintaining good will and to being a good
civic neighbor. Directors, officers and employees are encouraged to serve on
non-profit boards and in other volunteer capacities. However, if a director,
officer or employee serves in any capacity with a non-profit organization, such
person may not represent either the Company or the organization in any
transaction between them.

         No Company funds or assets will be loaned or contributed to any
political party or organization, or to any individual who holds or is a
candidate for public office, except when permitted by applicable law and
pre-authorized by the Company.

         The following are examples of activities, which are illegal under
federal law and the laws of those states, which prohibit corporate political
contributions:

         -        Contributions by an employee which are reimbursed by the
                  Company through expense accounts or in other ways;

         -        Purchases by the Company of tickets for political dinners or
                  fundraising events;

         -        Contributions in kind, such as loaning employees to political
                  parties or providing Company airplanes for use in political
                  campaigns;

         -        Indirect contributions by the Company through suppliers,
                  customers or agents.

         Such allowable contributions may include some of the activities
mentioned above, but in all cases, they require prior authorization of the
Compliance Officer and, when required by the law, by the Board of Directors.

         This policy is not intended to discourage or prevent an employee from
engaging in political activities as an individual on his or her own time and at
his or her own expense. It also does not prohibit the employee from making
political contributions from personal funds or from expressing individual views
with respect to legislative or political matters.

16.      Other Company Policies

         You should be familiar with the Company's existing Insider Trading and
other policies regarding the rights and obligations of the Company's employees,
which may amplify and expand on certain matters addressed in this Code.

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